FX.co ★ Forecast for EUR/USD on December 13, 2023

EUR/USD

So, yesterday's US inflation data turned out to be positive for the euro. The core CPI for November remained at the previous 4.0% YoY, while the CPI decreased from 3.2% YoY to 3.1% YoY. Such an optimistic trend of decreasing inflation could be reflected in the FOMC's dot plot projections on interest rates.

Today, the euro may surpass yesterday's high and continue to rise.

Yesterday, the upper shadow reached the target level of 1.0825. According to the main scenario, we expect a breakout and the euro to rise towards 1.0905. The second target is 1.0946.

On the 4-hour chart, the price reached the MACD indicator line and retraced slightly downwards. The price settled above the balance indicator line, and the Marlin oscillator settled in the uptrend territory. If the price consolidates above 1.0825, it will mean consolidation above the MACD line. We expect the euro to continue rising according to the main plan.